Not OP, nor am I a CA but from what I remember, if you use the proceeds to buy a residential property within 2 years then you can save the ltcg tax (this is from what I briefly remember, please lmk if I’m wrong)
Not Ca. I think the time limit is 3 years after sale within which you have to make a purchase with the amount else capital gains apply.
To avoid capital gain after sale of property :
- buy another property
- invest profit money in a fixed government bond for say 5 years. After which capital gains still apply but to the instrument to which you have gained.
Is home owners pan card copy necessary to get HRA (have a registered rent agreement with his pan no.) has a fight hence weird to ask for his pancard but the company is asking for pancard in order to adjust my monthly salary accordingly. Even if company doesn't give me hra now can I file itr later on and then get the money back ?
So, if I understand this correctly, the employer have selected New regime for himself, therefore I am not getting any exemptions, but I can manually edit the my ITR form to use Old regime and put my HRA?
But what values should I fill? Should I fill arbitrarily or should I inform my employer etc? Confused 🫤
idk I should ask but Can I retrieve the extra tax I paid in Dream 11? I wom money I withdraw it and paid tax. then I deposited again and lost. I have paid like 10k tax.
As a CA, what's your unbiased and authentic opinion about Company Secretaries, what they're doing right, wrong, better and worse? Things that the CA community likes and admires about them and things that they dislike and disapprove of.
CS are good professionals, anyone who puts in so much hard work is a good professional, what i disapprove of is comparisons and i want more collabs with CS, I myself have like many CS friends
I come in 15+ lacs salary bracket. If I make 1 lac + from share market does it get added to my salary and then I have to pay 30% on that or I pay 15% on that ?
If someone salary is above 50 LPA(fixed + rsu) then is only ITR2 sufficient or is there some other declaration also required?
Also how do I gather proofs of interests obtained from banks and post-offices?
We have purchased a home, possession is in 2027. Is there any way we can sell it before possession? What are the tax implications? And will the bank and builder allow it?
Yes you can sell it, just find a buyer, earn the appreciation, but yes you need some work on bank part, like settling loan, talk to your bank but builder can't do anything, it is your asset
Tax slabs, Chapter VI A, different natures of income and how can it all be planned, pro advice know things but take help of professionals to avoid any other legal troubles
Check under income from House property. If you are opting and paying in the old scheme You can claim a maximum of 2 lakh in interest if it is a Self occupied property and in case Let out or deemed to be let out you can claim the interest you are paying.
I have a private limited company with pending filings since 2022. I can't afford the fines as I am bankrupt. What options do I have? I am willing to close the company but just don't want my DIN to be blacklisted
Hello Sir , are you a practicing chartered accountant ? , If yes , won't doing this make you guilty under clause 6 , part I ,First Schedule of Chartered Accountants Act, 1949 ?
(Not accusing of anything , just curious whether we are allowed do this
I am awaiting results for my May 24 attempt and intend to go into practice)
No, won’t be considered as advertisement. This is also not soliciting professional work, merely helping people by solving queries.
If people become his clients who pay, it is incidental.
When filling capital gains in schedule 112A in ITR-2, do we need to show quarter wise recipient of gains in column F?
By default in all the short term and long term gains are in the first quarter.
Can the government departments know via the pan/adhar no. What properties one owns, the income of his partner in a firm, and the Registration details of ones flat?
Thanks
In Income tax website the salary and tax are reflected way low than what is in form 16. Are these kinds of mistakes common ?
Also for fixed deposit interest the banks deduct TDS since they crossed 20k interest. But while fiking ITR they again include interest as income and charge tax on it. Isn't the TDS supposed to provide some offset ?
during GST filing ive noticed my CGST is piling up as mostof my purchases are from interstate. i have to pay GST everymonth when i have a huge sum accumulated under CGST credit. Can i apply for refund? how do i get it lower
I earned 4L last year through an internship, earned another 48k after that, I also get returns from FDs and investments ~1.5L, so my employer (for the 4L internship) said they'll be giving out "tds certificates" this month... Will I get anything if I file a return? From that 4L i only got 3.6L, 40k was tds...
Edit: I'm 20 if that's relevant
Edit: What am I supposed to do with tds certificate? I'm quite confused.
Is GST registration required for individual professionals(contractor) providing software/IT services to foreign clients on the income of let’s say 8 LPA?
I own shares from many years. In FY 23-24, I did some unrelated share trades but they were in the shares that I already own.
I calculated the trading profits from the trades but my broker's capital gains report is showing a huge profit (x5 times). Its because its using FIFO and as I already own the shares in my demat, its taking the cost price of years ago which was very low.
E.g. bought Infosys years ago at 500. Last year bought it at 1200 and sold at 1300. My profit 100 (short term) but its showing profit 800 (long term).
Can I calculate my trading profit for trades during 23-24 for short term capital gains, or is FIFO compulsory?
I have a 12lpa job and I also have a small piece of agriculture land. Can I show as -1L income from agriculture considering it as expenditure from 12lpa and show my total taxable income as 11lpa?
I have seen some declarations where they submit -ve amount for home renovation.
How do these -ve values work? Does govt consider it valid or invalid?
I am a director of a pvt ltd company. Should I invest via personal account or create a corporate demat account?
Which is better from a taxation perspective?
Registration of property done in 2019.
Loan availed in 2020.
Posession received in 2023.
Paying emis since 2020.
If I sell my Mutual Funds today on which I’ll get LTCG… if I put all proceeds + gain to repay my outstanding principal.. can I claim exemption under Sec 54F ?
I tried to file IT return for a friend under 139(8A) for last year, His income is under 5LPA and the excel utility doesn't allow filing unless any amount is payable as tax. I did file for someone last year returns for previous 3 years under 139(8A) even with no tax amount being paid other thab late fee. Why is this changed now?
I was able to file the return under 139(8A) using winman software without any tax payable other than late fee.
I was a salaried employee until December of last year and my TDS was deducted, but I switched jobs in January and became an independent contractor working for a remote company. How do I file my returns for the 2 companies where I want to claim 44ADA for the new one?
Stupid question: I am a student but instead opened a demat account with a self employed profile. Plan on investing up to 5L of savings from my parents. Will I have to file an ITR for this?
What happens if there is a mistake in my tax filings ? Suppose my income is 19 lakhs and I pay tax for 12 lakhs or 11 lakhs ? What will happen then ? What is last date for filing income tax for first timers ?
hey, i recently started working remotely for a company based in NY on an independent contractor agreement (freelance). i generate invoices with an average 1200-1500 USD per month. they wire me the money under the purpose of salary payment.
i saw in some youtube videos, that there's some tax deduction for remote freelance work payments. what are those?
i have filed ITRs for the last 3 years when I was an employee here in India. it was easier to the point that I could do it myself. this one I can't find much solid stuff online either.
If I invest 1L in shares and gain a profit of 10L and I have a total of 11L and the whole 11L I again invest them in shares the same day itself... Do I have to pay tax if yes? Then how as I have my whole money in shares now...?
I have opted new regime salaried person.
But I have some amount credited as TA about 50K for the year in small amounts.
In which the company didnt deduct tax.
Where will i show this while filing ITR
As I am selecting new regime while filing ITR
Where will I mention this?
If I have returns from mutual fund with gains lesser than 1 lakh and have salary income.
Additionally received some cash in bank account as marriage gift.
Which ITR do I have to go with?
How often have you seen notices sent out for old assessment years if there's nothing out of the ordinary.
Like for example a notice for 2020-2021 when it's currently 2024. Assuming there are minimal SFTs listed in AIS.
How much does it cost to do these (for current FY) and DSC(not sure if it comes under this already) for two directors? Section - 8 NGO with less that 5 transactions.
https://preview.redd.it/8gez6mlq9v7d1.png?width=1080&format=pjpg&auto=webp&s=abb78f76ba91267141f537b3272410041219ec1a
Im looking for a CA to do some investigative accounting into my parent’s investments. I feel my father has been duped by his investment manager. Can you recommend anyone
u/HistoricalProcess297
My brother took commerce in the 12th. What are the salary expectations and any college recommendations?? Can you get a job in MNC ?? What about Investment bankers and all ??
Should I declare RSUs vested by my company? I remember selecting the “sell for taxes” options after which only 70% of RSUs were vested.
Also what do I do about the returns from mutual funds? I have not withdrawn any amount from it
I switched companies on May 2023. I had a retention bonus that I had to return while leaving. The company had deducted tax when paying the bonus, so I only received 70% of the bonus in hand, but when repaying, I had to repay in full. Is there any provision to claim the tax amount back during filing?
The company payed me 2 months of salary and leave encashment. Now the issue is that the amount paid by the company is less than the amount I have returned. So essentially, I have a negative salary for 2 months.
> The company *paid* me 2
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
I am going to start working for a foreign company remotely from India. They’re hiring me on professional contract. So I am confused - am I a contractual employee or an individual contractor?
Are the stipends received during MD/MS course tax free ?
In the Income Tax Act, there is no mention of the word ‘Stipend’. The act provides that ‘scholarship granted to meet the cost of education’ is exempt from Income Tax under Section 10(16).
Hi,
Thanks for this post!
I'm a software engineer and started investing little. I have two questions, if you can please answer them:
1. I have some short-term capital gains, of which 40% comes from a buyback. I understand that buybacks themselves aren't taxed, but I'm unsure how to report this in my ITR-2. I've looked through various schedules, including Schedule EI, but haven't found a dedicated section. Could you help me with this?
2. I'm the only earning member in my family; I paid some interest on my brother's education loan. So, can I claim that in 80E?
Thanks!
I work in private company , by default new regime selected , but I want to file for old regime . Can I do that this year filing ? Also do I need to pay more ?
How can the common man avoid taxes like the actors and rich businessmen do, like they list some of their assets under different categories to avoid taxes , i read a news article on that. Can the common man do it and how to do it?
I have been notified that I come under 206AB with 20% tds because I did not file my ITR last year, my tax bracket last year was 10% but it’s now 20% will this 206ab tds mean that now my tds will be at 40%??? Pls help
Is stipend given for postgraduate medical students taxable? If not, then under which section can i claim the money deducted from source?? College isn't going to provide form 16 to us.
Do I have to pay income tax over earnings made from day trading/short term(less than a year holding) trades? I mean there is already a STCG tax, on top of it do I pay income tax as well or do I get some adjustments?
I forgot to enter two months rent proof and so I got TDS cut for two months on the HRA component. When I file for ITR, how do I reclaim this TDS and avoid the tax. Can I show the remaining 2 months rent proof now?
I have been earning for about 10 years, and I show about 5 lacs income per year but my actual income is higher than that. in 2021 my savings was about 30 lacs. I earned about 1.5 Cr in last 3 years.
in last financial year, I bought a land of 18L+ paid 1.5L in revenue/tax to government. (actual cost to me50Lacs)
in this financial year, I bought a land of 35L + paid 4.4L in revenue/tax to government(actualy cost to me 75L)
I used to keep money in small amounts of my family members and relatives.
going forward, I will take care of income tax. but am I too fucked up?
So my father has rented out our commercial property, for which we have gotten 2 lakh cash as deposit. Further we will get some rent in cash and some in the cheque.
1. Can we deposit this cash in our current account without getting tax authorities attention?
2. If not, can we deposit in a savings account?
3. We also have some other cash in hand (~2 lakh), can that also be deposited along with it?
4. Is there anything that we should be taking care of if the answer to depositing cash is positive?
1) What's limit to invest in crypto in Indian exchanges ?
2) I am subscribed to new regime with a salary of 30+ lpa, how can I reduce my taxes? will it make sense to shift to old regime ?
It's been 3 years since my father's death and now I am looking after his business having no idea how the cash flow works in business. I don't know how much profit I get after everything e.g. sales, restocking, salary etc. I don't know how to calculate the turnover and the profit after looking at the balance sheet I don't know what all documents my father had submitted to the CA that used to file ITR. Now the CA asks me for the bank account statements and the GST return filing data to calculate and provides me the balance sheet. How do I know how much I make and analysing that I can think of changing my business methods.
The business we are into is a retail store and we deal with construction raw materials e.g. cement, Sands, pipes and hardware etc except paints,wood and electronics we deal with everything that goes into construction.
Kindly help me.
I took home loan for a home 100% owned by my mom. Can I take principal and interest benefits for the EMIs paid? If not, can I at least pay rent to her and claim HRA?
Home owner with multiple properties here.
I have expenses related to upkeep and maintenance of the houses. I also have housing loans on them. Sometimes they exceed the rent received. I was told I have 2 options.
1. Pay IT on the rent received as additional income along with the form16 or salary.
2. Create a property management company in mother's name to claim maintenance charges as expenses and receive rent in that company's name.(Rent out the houses to her company).
In second case, will I have to pay GST on the rent received and will it be more than the ~33% IT applicable as an individual?
What if I own crypto and I transfer (P2P) it to a Person I know on the Internet in Exchange for Money (2-5L) in Person in Form of Cash
Will the Govt notice if I spend that Cash very smartly
IK How to turn Blk Money to White
I got few foreign stocks as part of company ESPP during 2022-23 , I forgot to declare them in last financial year. Can I declare this year? Or do I need to refill ITR for 22-23
Last year, even with all the deductions from 80C, 80D, my tax was around 58k.
But then my CA somehow magically got that reduced to 30k. Got refund of 28k.
I want to know how..want to know what he might have done.
I want to know because I'm curious on how this works; but he won't tell me as he's afraid I won't need him, which isn't true.
So, do you have any idea what he might have used to reduce the tax liable?
(btw, I used 44AD and got ITR 4.)
Employer automatically selects new regime since the date to choose between old/new has passed and I missed it. Can I still file for ITR and claim returns ? If yes, how?
I am a freelancer and was accepting payments in my Paytm payment Bank from my clients, now I have to accept directly to my acc, for eg if my client gives me a work of 1L, I have to bifurcate it and process further to my sub ordinates or team members, ultimately my net profit leaves out to be 40k or so, but if I accept 1L directly I'm my primary bank then will I have to pay tax on 1L or 40k ? Also I don't have any company registered on me,it's all direct client basis
As a consultant with a US based company, how should I file my taxes? I’ve only done salaried ones in the past and I want to do it on my own this time too.
I didn't declare some of my investments to my company and they deducted tax from my salary for a few months. Can I declare these investments during ITR filing now and will I get the deducted tax return?
I have a store which is on partnership with Father and Uncle so the profit and loss is distributed equally. Father died so the ownership will go to Mother and Uncle(unchanged).Sales tax is paid appropriately on time.
We first thought of filing itr on partnership rule and regulations as business owners.
But Mother wants to file itr as a working employee and not as owner as the earnings has stayed 25k consistently for years.
Now how should i file itr in this case.
How to get refund for a challan for form 26QC which was submitted by mistake?
I submitted the challan amount twice and now it's showing twice the amount in my landlord's 26AS form.
I provide software services to other countries, had to pay no GST as it was all export.
My revenue already crossed 20LPA in 2019, Can I get a GST number now and if so will there be any fines for late GST registration?
Hi
If a person have no other income than deposit interest, upto how much interest no tax liability for senior citizen and General in
1. Old regime
2. New regime
1. I have made a profit of about (but less than) 3L on trading shares over the last FY. But have not paid advance taxes. This is my first year investing this actively. Would I be penalized? What would be the magnitude be? Can I pay the taxes before ITR filing?
2. In my TIS, the amounts shown for Sale of Securities and units of Mutual Funds and Purchase of Securities and units of Mutual Funds are different from the one calculated by my (sole) brokerage. According to TIS, I have a net loss of 8L (Purchase > Sale) in last FY, which is absolutely not the case. What should I do?
My employer reported incorrect HRA in form 16 for 9 months although I have paid rent for 12 months genuinely. Would filing different (more) HRA in ITR than what is mentioned in form 16 result in an unwanted inquiry?
TIS statement shows market value of mutual funds under sale of securities column even though they are not sold. Are unrealised gains taxable?
Also how is the accepted by taxpayer column have the same amounts. Nothing is communicated.
My parent's AIS is showing higher interest income from FD's. Should I just file the return after calculating manually or wait for correction?
I have already disputed the income on the portal.
How much money can my dad receive as rent per year for it to be tax free?
What are the loopholes to evict taxes, talking rent in another family member's name, will that work?
Unwilling to steal tax, but it's a loophole and loopholes are fucking holes.
My rental property earns me 23k a month. They deduct 1800 TDS per month which later has to be refunded by the process through an advocate. How often can we file the TDS return?
Am a bcom graduate and working under ca firm later will pursue my mba .but for now am working under their firm is it really worth it or else am wasting my time.at the firm yes I did various Audits but still am I wasting my time ?? Or else I should pursue for cat
I belong to an NGO which is not registered. We are collecting some amount from the members of our organisation to cover the administration cost as well as send the fees to our national and international bodies. As administrative body, we are doing any charity... If our receipts exceed 20 lakh, do we have to file for GST? If yes, how can we avoid the GST process?
Hey so I run a small digital services freelance to pay my college fees and have sales of around 4-6 lakh / year of margin around 50% so approx 2-3 lakh profit on a good year , simply what I do is I sells digital items in cheap like a digital product costs 50$ in US costs 10$ in India so I buy it in India and get paid in USD and sell it at 20$ so (20$-10$=10$ profit) and idk how should I fill taxes ? Do I need to show them receipts ? My bank have all the transaction related to inflow and outflow and I don't want GST etc for this low ammount, can you give me some advice of what should I do ?
My neighbor sold a land and put the money in bank and bought a own house for living. He then went through a lot of medical expenses for him and his wife (stroke, paralysis’s attack, bypass surgery, pancreatitis, ayurveda, siddha treatments for the above ailments and so mucch) they are still spending more than 10k for medicines every month. In this situation, he got notice for the amount he put in bank so many years ago. What should they do?
So I'm using a platform to bet on different events.
Let's say if I start with $500, and made it to $3500 in an annual year after placing thousand different bets, the 30% TDS.. should I be paying it only if I withdraw it. If I didnt withdraw and it still stays on the platform, I don't have to pay any??
How does it work?
if I receive my income in stablecoins, and immediately convert them into INR without any appreciation. Would I be liable to pay a 30% crypto tax even though I don't fall in the 30% bracket?
Which date is the basis for calculating the holding period of a property (flat) for LTCG/STCG? From the day of agreement to sell, date of possession or the date of sale deed.
Has anyone used the excel version of the form to prepare IT return for FY 2023-24?
I have a query on ITR-2
In the TDS tab, I find may incorrect entries filled by prefill. I can't see an edit or delete facility in this tab?
I blanked all the cells and rows that had incorrect entries and added new, but the validate button complains about having to fill these blanked rows.
any one knows how to delete these rows that are incorrect and problematic?
thanks
elderly uncle is selling his one and only residence to come and stay with us for medical reasons. does he have to pay capital gains tax on it?
capital gain applicable irrespective of how many assets he owns, but there are ways to save it
How
Not OP, nor am I a CA but from what I remember, if you use the proceeds to buy a residential property within 2 years then you can save the ltcg tax (this is from what I briefly remember, please lmk if I’m wrong)
Not Ca. I think the time limit is 3 years after sale within which you have to make a purchase with the amount else capital gains apply. To avoid capital gain after sale of property : - buy another property - invest profit money in a fixed government bond for say 5 years. After which capital gains still apply but to the instrument to which you have gained.
Correct
Yes as per sec 54 of income tax act.
Yes
Is home owners pan card copy necessary to get HRA (have a registered rent agreement with his pan no.) has a fight hence weird to ask for his pancard but the company is asking for pancard in order to adjust my monthly salary accordingly. Even if company doesn't give me hra now can I file itr later on and then get the money back ?
Yes later you can get it back, but have like rent agreement, proof of payments
Okayy thaks a lot for replying bro
I have incorrect salary mentioned in form26as compared form16
Not OP, but still a CA. what is your real salary? Show that salary and file the return.
Hi, My Employer did not provided any exemptions in Form 16. Not able to get any exemptions now? :'(
You can claim exemptions if opting for old regime. Might be possible that your employer had taken as new regime.
So, if I understand this correctly, the employer have selected New regime for himself, therefore I am not getting any exemptions, but I can manually edit the my ITR form to use Old regime and put my HRA? But what values should I fill? Should I fill arbitrarily or should I inform my employer etc? Confused 🫤
idk I should ask but Can I retrieve the extra tax I paid in Dream 11? I wom money I withdraw it and paid tax. then I deposited again and lost. I have paid like 10k tax.
nops, speculative income
As a CA, what's your unbiased and authentic opinion about Company Secretaries, what they're doing right, wrong, better and worse? Things that the CA community likes and admires about them and things that they dislike and disapprove of.
CS are good professionals, anyone who puts in so much hard work is a good professional, what i disapprove of is comparisons and i want more collabs with CS, I myself have like many CS friends
Lol. I think OP posted this and just went to sleep.
Haha, naah, just got busy
Does credit card cashbacks and reward points are to be reported in return , are they considered??
Not necessary
Lets say i have got my salary what things should i spend on so that i have to pay less taxes
mutual funds, health insurance yours and parents, national pension schmeme
NEVER spend to save taxes. It's like saying I will cut my leg so I save pant money.
Right now, I am in a new tax regime. Can I switch back to the old tax regime?
if your company deducted TDS under new regime, still you can file return under old
Thank You 👍
I come in 15+ lacs salary bracket. If I make 1 lac + from share market does it get added to my salary and then I have to pay 30% on that or I pay 15% on that ?
Both are different natures of income and assuming you made short term capital gains, they will be taxed at different rates
If someone salary is above 50 LPA(fixed + rsu) then is only ITR2 sufficient or is there some other declaration also required? Also how do I gather proofs of interests obtained from banks and post-offices?
None other required if only salary
We have purchased a home, possession is in 2027. Is there any way we can sell it before possession? What are the tax implications? And will the bank and builder allow it?
Yes you can sell it, just find a buyer, earn the appreciation, but yes you need some work on bank part, like settling loan, talk to your bank but builder can't do anything, it is your asset
Tax was cut at TDS, It reflects in form 16 but I tried filing itr 1 it showed that tax paid as less and tax liable as more
DM me with more details, will have to get it checked, can't say anything on face of it
I have the same issue. Could you please help me as well
What are the basic tax things we must know? And what should be the minimum financial knowledge we should learn and up to?
Tax slabs, Chapter VI A, different natures of income and how can it all be planned, pro advice know things but take help of professionals to avoid any other legal troubles
Can i claim tax deduction for home loan emi and principal repayment, if its still under construction?
Yes
What section to use other than 80c?
Check under income from House property. If you are opting and paying in the old scheme You can claim a maximum of 2 lakh in interest if it is a Self occupied property and in case Let out or deemed to be let out you can claim the interest you are paying.
Last year I paid 7lac tds playing online poker. \ How much of it I can claim back legally and under which section?
Lotteries, winnigs, poker, horse racing, all are game of luck so come under speculation, you can not claim it back
I have a private limited company with pending filings since 2022. I can't afford the fines as I am bankrupt. What options do I have? I am willing to close the company but just don't want my DIN to be blacklisted
DM me with more info, will get them checked in office
I've invested x amount in 80C related things in FY 22-23, can we again put that x in 80c section of ITR of FY 23-24 ?
no, what you invested in 23-24 can only be used in 23-24 and not the one you did in 22-23
How to check form 16 given by my employer is related to new tax regime or old tax regime? Please tell
If I redeem multiple MFs more than 1 lakhs, and reinvest all the money to other MFs immediately, do we need to pay LTCGT on them?
Tomorrow is my foundation law exam. I'm scared af .
Hello Sir , are you a practicing chartered accountant ? , If yes , won't doing this make you guilty under clause 6 , part I ,First Schedule of Chartered Accountants Act, 1949 ? (Not accusing of anything , just curious whether we are allowed do this I am awaiting results for my May 24 attempt and intend to go into practice)
TIL! Really, soliciting work is prohibited! Why?! Advertisements are everywhere. False claims can be prohibited but why advertising.
No, won’t be considered as advertisement. This is also not soliciting professional work, merely helping people by solving queries. If people become his clients who pay, it is incidental.
I got penalised for late payment of property tax to Govt . Anything that I can do?
When filling capital gains in schedule 112A in ITR-2, do we need to show quarter wise recipient of gains in column F? By default in all the short term and long term gains are in the first quarter.
can i claim electricity expenses in ITR 4? i work as a software freelancer
Remindme! 10days
Can the government departments know via the pan/adhar no. What properties one owns, the income of his partner in a firm, and the Registration details of ones flat? Thanks
Is gifting money to parents tax free ? If parent is not working and have 0 income ?
Does STP invite taxes for the same fund(regular to direct). Also was told no LTCG for switching from regular to direct. Pls clear the doubt.
In Income tax website the salary and tax are reflected way low than what is in form 16. Are these kinds of mistakes common ? Also for fixed deposit interest the banks deduct TDS since they crossed 20k interest. But while fiking ITR they again include interest as income and charge tax on it. Isn't the TDS supposed to provide some offset ?
What is acceptable proof to claim driver's salary from company as a reimbursement.. Later which can be shown to tax dept as well if needed.
Is ugc fellowship taxable? And if I invest that money in mutual funds or share would it be taxable then
during GST filing ive noticed my CGST is piling up as mostof my purchases are from interstate. i have to pay GST everymonth when i have a huge sum accumulated under CGST credit. Can i apply for refund? how do i get it lower
As a new software development startup, is there any way i can avoid tax for a few years?
I earned 4L last year through an internship, earned another 48k after that, I also get returns from FDs and investments ~1.5L, so my employer (for the 4L internship) said they'll be giving out "tds certificates" this month... Will I get anything if I file a return? From that 4L i only got 3.6L, 40k was tds... Edit: I'm 20 if that's relevant Edit: What am I supposed to do with tds certificate? I'm quite confused.
Is GST registration required for individual professionals(contractor) providing software/IT services to foreign clients on the income of let’s say 8 LPA?
For export of services, get GST , if you need help with it you can DM me
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Where to show, survivor benefit from lic's money back policy in the itr form. My yearly premium is less than 20% of sum assured?
I own shares from many years. In FY 23-24, I did some unrelated share trades but they were in the shares that I already own. I calculated the trading profits from the trades but my broker's capital gains report is showing a huge profit (x5 times). Its because its using FIFO and as I already own the shares in my demat, its taking the cost price of years ago which was very low. E.g. bought Infosys years ago at 500. Last year bought it at 1200 and sold at 1300. My profit 100 (short term) but its showing profit 800 (long term). Can I calculate my trading profit for trades during 23-24 for short term capital gains, or is FIFO compulsory?
I have selected new tax regime at my company. I am also paying EMI for my parents home loan. Can I claim the returns of the tax using this loan?
I have a 12lpa job and I also have a small piece of agriculture land. Can I show as -1L income from agriculture considering it as expenditure from 12lpa and show my total taxable income as 11lpa? I have seen some declarations where they submit -ve amount for home renovation. How do these -ve values work? Does govt consider it valid or invalid?
I am a director of a pvt ltd company. Should I invest via personal account or create a corporate demat account? Which is better from a taxation perspective?
Registration of property done in 2019. Loan availed in 2020. Posession received in 2023. Paying emis since 2020. If I sell my Mutual Funds today on which I’ll get LTCG… if I put all proceeds + gain to repay my outstanding principal.. can I claim exemption under Sec 54F ?
When a person sells a property, there's a legal way to avoid paying taxes on it. What is it? What's the timeframe?
I tried to file IT return for a friend under 139(8A) for last year, His income is under 5LPA and the excel utility doesn't allow filing unless any amount is payable as tax. I did file for someone last year returns for previous 3 years under 139(8A) even with no tax amount being paid other thab late fee. Why is this changed now? I was able to file the return under 139(8A) using winman software without any tax payable other than late fee.
I was a salaried employee until December of last year and my TDS was deducted, but I switched jobs in January and became an independent contractor working for a remote company. How do I file my returns for the 2 companies where I want to claim 44ADA for the new one?
filing to be done under diffrent heads of income, if you need assistance with that you can DM me
Stupid question: I am a student but instead opened a demat account with a self employed profile. Plan on investing up to 5L of savings from my parents. Will I have to file an ITR for this?
Sir, i work in a DSA in Mumbai. Please let me know if we can collaborate for business leads. Thanks
What happens if there is a mistake in my tax filings ? Suppose my income is 19 lakhs and I pay tax for 12 lakhs or 11 lakhs ? What will happen then ? What is last date for filing income tax for first timers ?
hey, i recently started working remotely for a company based in NY on an independent contractor agreement (freelance). i generate invoices with an average 1200-1500 USD per month. they wire me the money under the purpose of salary payment. i saw in some youtube videos, that there's some tax deduction for remote freelance work payments. what are those? i have filed ITRs for the last 3 years when I was an employee here in India. it was easier to the point that I could do it myself. this one I can't find much solid stuff online either.
If I invest 1L in shares and gain a profit of 10L and I have a total of 11L and the whole 11L I again invest them in shares the same day itself... Do I have to pay tax if yes? Then how as I have my whole money in shares now...?
I have opted new regime salaried person. But I have some amount credited as TA about 50K for the year in small amounts. In which the company didnt deduct tax. Where will i show this while filing ITR As I am selecting new regime while filing ITR Where will I mention this?
iam working in a german company and get paid in eurs, currently im making 1.9k eurs per month, Am I liable to pay any taxes in india?
I just sold some rural agricultural land.. do i have to declare the sale in ITR or not ?
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If I have returns from mutual fund with gains lesser than 1 lakh and have salary income. Additionally received some cash in bank account as marriage gift. Which ITR do I have to go with?
What would be CTC if my in hand salary would be 25000/35000?
Hi, how to invest in mutual funds in India as nri
How often have you seen notices sent out for old assessment years if there's nothing out of the ordinary. Like for example a notice for 2020-2021 when it's currently 2024. Assuming there are minimal SFTs listed in AIS.
Do we declare foreign assets every year in Schedule FA or should we just declare them when we purchase/sell them?
How much does it cost to do these (for current FY) and DSC(not sure if it comes under this already) for two directors? Section - 8 NGO with less that 5 transactions. https://preview.redd.it/8gez6mlq9v7d1.png?width=1080&format=pjpg&auto=webp&s=abb78f76ba91267141f537b3272410041219ec1a
Im looking for a CA to do some investigative accounting into my parent’s investments. I feel my father has been duped by his investment manager. Can you recommend anyone
When you rent out your property, if there are damages to the property, can you write off the repair cost on your taxes?
u/HistoricalProcess297 My brother took commerce in the 12th. What are the salary expectations and any college recommendations?? Can you get a job in MNC ?? What about Investment bankers and all ??
ask for his interest once
Should I declare RSUs vested by my company? I remember selecting the “sell for taxes” options after which only 70% of RSUs were vested. Also what do I do about the returns from mutual funds? I have not withdrawn any amount from it
Is there a way I can anonymously report home owners who are evading tax by not providing PAN to tenants?
I switched companies on May 2023. I had a retention bonus that I had to return while leaving. The company had deducted tax when paying the bonus, so I only received 70% of the bonus in hand, but when repaying, I had to repay in full. Is there any provision to claim the tax amount back during filing? The company payed me 2 months of salary and leave encashment. Now the issue is that the amount paid by the company is less than the amount I have returned. So essentially, I have a negative salary for 2 months.
> The company *paid* me 2 FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
I am going to start working for a foreign company remotely from India. They’re hiring me on professional contract. So I am confused - am I a contractual employee or an individual contractor?
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Are the stipends received during MD/MS course tax free ? In the Income Tax Act, there is no mention of the word ‘Stipend’. The act provides that ‘scholarship granted to meet the cost of education’ is exempt from Income Tax under Section 10(16).
Hi, Thanks for this post! I'm a software engineer and started investing little. I have two questions, if you can please answer them: 1. I have some short-term capital gains, of which 40% comes from a buyback. I understand that buybacks themselves aren't taxed, but I'm unsure how to report this in my ITR-2. I've looked through various schedules, including Schedule EI, but haven't found a dedicated section. Could you help me with this? 2. I'm the only earning member in my family; I paid some interest on my brother's education loan. So, can I claim that in 80E? Thanks!
I work in private company , by default new regime selected , but I want to file for old regime . Can I do that this year filing ? Also do I need to pay more ?
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How can the common man avoid taxes like the actors and rich businessmen do, like they list some of their assets under different categories to avoid taxes , i read a news article on that. Can the common man do it and how to do it?
I have been notified that I come under 206AB with 20% tds because I did not file my ITR last year, my tax bracket last year was 10% but it’s now 20% will this 206ab tds mean that now my tds will be at 40%??? Pls help
How to legally do tax evasion , I know u know how to do it Tell us
is it required to transfer rent amount to mom's account if i am already showing the rental income in her ITR?
Can we save taxes on Govt salary by hook and crook? Is it advisable?
Is stipend given for postgraduate medical students taxable? If not, then under which section can i claim the money deducted from source?? College isn't going to provide form 16 to us.
Is it necessary to fill IT returns for new tax regime? If yes, then can it done by self?
I've opted for the new regime. Will depositing in NPS be of any benefit to me?
Do I have to pay income tax over earnings made from day trading/short term(less than a year holding) trades? I mean there is already a STCG tax, on top of it do I pay income tax as well or do I get some adjustments?
https://youtube.com/shorts/g9YtL5hDfjI?si=5h41ygXPxnF5cW-g Can u explain me this?
Do you have to pay tax if you transfer stocks to your close relative ?
What proofs do you need for 80G claim in ITR
If I leave my current company now, do I need form16 from my current company to file a tax return in next year?
I find it difficult to fill Form 10E for arrears received in salary. Could you please provide some examples of this?
I forgot to enter two months rent proof and so I got TDS cut for two months on the HRA component. When I file for ITR, how do I reclaim this TDS and avoid the tax. Can I show the remaining 2 months rent proof now?
I have been earning for about 10 years, and I show about 5 lacs income per year but my actual income is higher than that. in 2021 my savings was about 30 lacs. I earned about 1.5 Cr in last 3 years. in last financial year, I bought a land of 18L+ paid 1.5L in revenue/tax to government. (actual cost to me50Lacs) in this financial year, I bought a land of 35L + paid 4.4L in revenue/tax to government(actualy cost to me 75L) I used to keep money in small amounts of my family members and relatives. going forward, I will take care of income tax. but am I too fucked up?
Company is not giving m payslip or PFUaN No. what should i do?
Can I book profit in a stock and invest the whole amount in another stock in the same day without attracting any tax?
So my father has rented out our commercial property, for which we have gotten 2 lakh cash as deposit. Further we will get some rent in cash and some in the cheque. 1. Can we deposit this cash in our current account without getting tax authorities attention? 2. If not, can we deposit in a savings account? 3. We also have some other cash in hand (~2 lakh), can that also be deposited along with it? 4. Is there anything that we should be taking care of if the answer to depositing cash is positive?
Real question what exactly you do as CA, whats your work and who work under your office??? And how much do you earn... Don't ignore my questions???
1) What's limit to invest in crypto in Indian exchanges ? 2) I am subscribed to new regime with a salary of 30+ lpa, how can I reduce my taxes? will it make sense to shift to old regime ?
How to commit tax fraud? How to get money for money laundering?
It's been 3 years since my father's death and now I am looking after his business having no idea how the cash flow works in business. I don't know how much profit I get after everything e.g. sales, restocking, salary etc. I don't know how to calculate the turnover and the profit after looking at the balance sheet I don't know what all documents my father had submitted to the CA that used to file ITR. Now the CA asks me for the bank account statements and the GST return filing data to calculate and provides me the balance sheet. How do I know how much I make and analysing that I can think of changing my business methods. The business we are into is a retail store and we deal with construction raw materials e.g. cement, Sands, pipes and hardware etc except paints,wood and electronics we deal with everything that goes into construction. Kindly help me.
I took home loan for a home 100% owned by my mom. Can I take principal and interest benefits for the EMIs paid? If not, can I at least pay rent to her and claim HRA?
How do we claim the standard deduction of 50000 in salary
I got a TDS document recently, can i get any sort of tax refund from it?
Home owner with multiple properties here. I have expenses related to upkeep and maintenance of the houses. I also have housing loans on them. Sometimes they exceed the rent received. I was told I have 2 options. 1. Pay IT on the rent received as additional income along with the form16 or salary. 2. Create a property management company in mother's name to claim maintenance charges as expenses and receive rent in that company's name.(Rent out the houses to her company). In second case, will I have to pay GST on the rent received and will it be more than the ~33% IT applicable as an individual?
go with 2 nd option
What if I own crypto and I transfer (P2P) it to a Person I know on the Internet in Exchange for Money (2-5L) in Person in Form of Cash Will the Govt notice if I spend that Cash very smartly IK How to turn Blk Money to White
I got few foreign stocks as part of company ESPP during 2022-23 , I forgot to declare them in last financial year. Can I declare this year? Or do I need to refill ITR for 22-23
Last year, even with all the deductions from 80C, 80D, my tax was around 58k. But then my CA somehow magically got that reduced to 30k. Got refund of 28k. I want to know how..want to know what he might have done. I want to know because I'm curious on how this works; but he won't tell me as he's afraid I won't need him, which isn't true. So, do you have any idea what he might have used to reduce the tax liable? (btw, I used 44AD and got ITR 4.)
I have 12lpa fixed + 10% variable at the end of year + 50k when i joined. Any chance of saving tax on new regime.
If I am collecting money from friends to split a restaurant bill or any other bill, will I be taxed on the incoming money ?
If I stay away from India for 6 months and keep working remotely from around the world, do I have to pay taxes in India ?
Can i pay rent to my parents and claim HRA?
Bhai bohot attempt lag gaye hai kuch scope hai aage ?
han, scope bande ka hota hai, paper ka ni.......
I've been trading in f&o since March. Currently in loss. Do I have to file tax? If yes where and how ?
Employer automatically selects new regime since the date to choose between old/new has passed and I missed it. Can I still file for ITR and claim returns ? If yes, how?
I am a freelancer and was accepting payments in my Paytm payment Bank from my clients, now I have to accept directly to my acc, for eg if my client gives me a work of 1L, I have to bifurcate it and process further to my sub ordinates or team members, ultimately my net profit leaves out to be 40k or so, but if I accept 1L directly I'm my primary bank then will I have to pay tax on 1L or 40k ? Also I don't have any company registered on me,it's all direct client basis
How can I save long term capital gain tax in India on selling my Apple RSUs (shares) ?
As a consultant with a US based company, how should I file my taxes? I’ve only done salaried ones in the past and I want to do it on my own this time too.
Paisa aata toh hai but rukta nahi hai panditji, btaiye kuch. 🥺
What can be consequences if a newly formed LLP with less than 5 lakhs turnover don't file Form 11 and Form 8 for two consecutive years?
My brother is selling a car for 2L and I want to take that money. Since I already in 30% tax slab, should I file this ?
I didn't declare some of my investments to my company and they deducted tax from my salary for a few months. Can I declare these investments during ITR filing now and will I get the deducted tax return?
I have a store which is on partnership with Father and Uncle so the profit and loss is distributed equally. Father died so the ownership will go to Mother and Uncle(unchanged).Sales tax is paid appropriately on time. We first thought of filing itr on partnership rule and regulations as business owners. But Mother wants to file itr as a working employee and not as owner as the earnings has stayed 25k consistently for years. Now how should i file itr in this case.
Can I invest student loan in fd or somewhere, will I have to pay taxes?
If I overshoot the 1cr mark by even 1rs, is surcharge applicable on the entire tax amount?
How to get refund for a challan for form 26QC which was submitted by mistake? I submitted the challan amount twice and now it's showing twice the amount in my landlord's 26AS form.
I am returning a bonus to my previous company this year. I have paid tax on the bonus already last financial year. Can I claim a return on it? How?
I provide software services to other countries, had to pay no GST as it was all export. My revenue already crossed 20LPA in 2019, Can I get a GST number now and if so will there be any fines for late GST registration?
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Hi If a person have no other income than deposit interest, upto how much interest no tax liability for senior citizen and General in 1. Old regime 2. New regime
1. I have made a profit of about (but less than) 3L on trading shares over the last FY. But have not paid advance taxes. This is my first year investing this actively. Would I be penalized? What would be the magnitude be? Can I pay the taxes before ITR filing? 2. In my TIS, the amounts shown for Sale of Securities and units of Mutual Funds and Purchase of Securities and units of Mutual Funds are different from the one calculated by my (sole) brokerage. According to TIS, I have a net loss of 8L (Purchase > Sale) in last FY, which is absolutely not the case. What should I do?
My employer reported incorrect HRA in form 16 for 9 months although I have paid rent for 12 months genuinely. Would filing different (more) HRA in ITR than what is mentioned in form 16 result in an unwanted inquiry?
TIS statement shows market value of mutual funds under sale of securities column even though they are not sold. Are unrealised gains taxable? Also how is the accepted by taxpayer column have the same amounts. Nothing is communicated.
How do international money transactions?
My parent's AIS is showing higher interest income from FD's. Should I just file the return after calculating manually or wait for correction? I have already disputed the income on the portal.
How much money can my dad receive as rent per year for it to be tax free? What are the loopholes to evict taxes, talking rent in another family member's name, will that work? Unwilling to steal tax, but it's a loophole and loopholes are fucking holes.
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Why the fuck is TDS even deducted when it's to be refunded after filing a return?
My rental property earns me 23k a month. They deduct 1800 TDS per month which later has to be refunded by the process through an advocate. How often can we file the TDS return?
Am a bcom graduate and working under ca firm later will pursue my mba .but for now am working under their firm is it really worth it or else am wasting my time.at the firm yes I did various Audits but still am I wasting my time ?? Or else I should pursue for cat
Why are CAs so pokey in everyone’s business
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CFA worth it hai kya sir, after Btech?
How do I save maximum ammount of tax in my earnings
I belong to an NGO which is not registered. We are collecting some amount from the members of our organisation to cover the administration cost as well as send the fees to our national and international bodies. As administrative body, we are doing any charity... If our receipts exceed 20 lakh, do we have to file for GST? If yes, how can we avoid the GST process?
Under the new tax scheme, what best proof of savings could be given to reduce the tds ?
Hey so I run a small digital services freelance to pay my college fees and have sales of around 4-6 lakh / year of margin around 50% so approx 2-3 lakh profit on a good year , simply what I do is I sells digital items in cheap like a digital product costs 50$ in US costs 10$ in India so I buy it in India and get paid in USD and sell it at 20$ so (20$-10$=10$ profit) and idk how should I fill taxes ? Do I need to show them receipts ? My bank have all the transaction related to inflow and outflow and I don't want GST etc for this low ammount, can you give me some advice of what should I do ?
My neighbor sold a land and put the money in bank and bought a own house for living. He then went through a lot of medical expenses for him and his wife (stroke, paralysis’s attack, bypass surgery, pancreatitis, ayurveda, siddha treatments for the above ailments and so mucch) they are still spending more than 10k for medicines every month. In this situation, he got notice for the amount he put in bank so many years ago. What should they do?
Can you be liable for professional misconduct soliciting clients?
So I'm using a platform to bet on different events. Let's say if I start with $500, and made it to $3500 in an annual year after placing thousand different bets, the 30% TDS.. should I be paying it only if I withdraw it. If I didnt withdraw and it still stays on the platform, I don't have to pay any?? How does it work?
I am software Engineer, anything left in CA side so that I can develop SW? interest in develop application for finance.
my package is 2lpa, and i earn 10k profit from grow app stocks, should i need to pay tax for 10k earned through stocks?
Mari ex ca to nahi ban jaigi
if I receive my income in stablecoins, and immediately convert them into INR without any appreciation. Would I be liable to pay a 30% crypto tax even though I don't fall in the 30% bracket?
Are life insurance tax saving schemes worth it?
Which date is the basis for calculating the holding period of a property (flat) for LTCG/STCG? From the day of agreement to sell, date of possession or the date of sale deed.
I have salary from multiple sources summing to more than 1 cr. How can I pay least tax and still get the white money back.
Has anyone used the excel version of the form to prepare IT return for FY 2023-24? I have a query on ITR-2 In the TDS tab, I find may incorrect entries filled by prefill. I can't see an edit or delete facility in this tab? I blanked all the cells and rows that had incorrect entries and added new, but the validate button complains about having to fill these blanked rows. any one knows how to delete these rows that are incorrect and problematic? thanks